Insurance By the Construction Agent. The Construction Agent shall maintain or cause others to maintain regarding the Property in full force and effect at all times during the Construction Period, insurance policies with (i) responsible insurance companies authorized to do business in Maryland (if so required by law or regulation) with (A) an A.M. Best’s Key Rating Guide rating of A or better and a financial size category of XI or higher, unless otherwise approved by the Lessor and the Agent or (B) an S&P or Mxxxx’x financial strength rating of A or A2, respectively, or higher, unless otherwise approved by the Lessor and the Agent, or (ii) other companies acceptable to the Lessor and the Agent with limits and coverage provisions sufficient to satisfy the requirements set forth below. In addition, the Construction Agent shall from time to time, but at intervals of not less than twelve (12) months each, undertake all actions and due diligence as reasonably necessary to determine whether the insurance coverage maintained by, or caused to be maintained by, the Construction Agent pursuant to this Agreement is in compliance with all of the requirements of this Agreement, including any increases in coverage required as a result of any change in any applicable Laws, and if the Construction Agent determines that such insurance coverage does not meet such requirements, it agrees to promptly cause such coverage to comply with such requirements and to notify the Lessor and the Agent of the steps being taken by the Construction Agent to do so.
Insurance By the Construction Agent. The Construction Agent shall cause to be procured with proceeds of Advances pursuant to, and subject to the terms and conditions of, the Operative Documents and maintain in full force and effect during the Construction Term insurance policies with insurance companies authorized to do business in each jurisdiction in which the Leased Properties under Construction are located with a Best Insurance Reports rating of “A” or better and a financial size category of “VIII” or higher, or that are pre-approved by the Lessor, with limits and coverage provisions as set forth below.
Insurance By the Construction Agent. The Construction Agent shall procure and maintain in full force and effect for each Construction Property during the Construction Period for such Construction Property insurance policies with insurance companies having a Best Insurance Reports rating of "A-" or better and a financial size category of "IX" or higher at the time of policy issuance with limits and coverage provisions as set forth below. GENERAL LIABILITY INSURANCE. Liability insurance on an occurrence basis against claims filed anywhere in the United States and occurring in anywhere in the United States for the Construction Agent's and Lessor's liability arising out of claims for personal injury (including bodily injury and death) and property damage. Such insurance shall provide coverage for products/completed operations, blanket contractual, broad form property damage, personal injury and independent contractors, with a $10,000,000 minimum limit per occurrence for combined bodily injury and property damage. A maximum deductible or self-insured retention of $25,000 per occurrence shall be allowed with respect to each Property. BUILDER'S RISK INSURANCE. Property damage insurance on an "all risk" basis insuring the Construction Agent the Lessor and the Construction Agent, as their interests may appear, including coverage against loss or damage from the perils of earth movement (including earthquake, landslide, subsidence and volcanic eruption), flood, and boiler and machinery accidents, and not containing any exclusions other than those listed on EXHIBIT B.
Insurance By the Construction Agent. The Construction Agent shall maintain or cause others to maintain in full force and effect at all times prior to the Lease Commencement Date, insurance policies with responsible insurance companies authorized to do business in New Jersey (if so required by law or regulation) with (i) a Best Insurance Reports rating of "A-" or better and an financial size category of "IX" or higher, (ii) or a Standard & Poors financial strength rating of "BBB+" or higher, (iii) or other companies acceptable to the Lessor, with limits and coverage provisions sufficient to satisfy the requirements set forth below.
